The price of Bitcoin (BTC) remains just below $105,000 showing no indication of the next move. While a breakout could lead to bullish momentum and reignite the excitement surrounding this crypto bear run, it is also relevant that market bulls resist further decline to certain price levels.
Bitcoin needs to hold above $97,877 to maintain upside
After a significant price correction in December 2024, Bitcoin seems to have regained its bullish form in 2025 to even establish a New all-time high of $109,114 as Donald Trump Assumed office as President of the United States.
Currently, the flagship crypto asset is trading below $105,000 after a series of significant gains and losses over the past week. Amid this market uncertainty, popular crypto analyst Ali Martinez has highlighted a price support level crucial to maintaining Bitcoin’s current bullish structure.
In one X post On January 25th, Martinez says investors amassed over 101,000 BTC at $97,877, turning this price zone into a key support level. Therefore, the Bitcoin price must hold above this level to ensure a continuation of the current uptrend.
In particular, the accumulation of a massive volume of BTC at $97,877 indicates strong market confidence among investors. Converting this high market price into a potential price floor for Bitcoin suggests expectations of a prolonged bullish phase and higher profit levels.
Interestingly, some technical indicators also support this bullish sentiment. Based on Bitcoin’s Daily Trading Chart, its Relative Strength Index stands at 60.83 indicating that the Premier Cryptocurrency still has a lot of room for growth before entering the overbought zone and experiencing a price reversal.
However, if BTC loses its support level at $97,877 due to overwhelming selling pressure, this price dip would signal a broader market equipment that paves the way for a free fall to around $92,800 where the next significant support zone.
BTC investors show strong demand with high CEX outflows
In other news, the Blockchain Analytics Platform is IntoToblock reports That centralized exchanges (CEX) have recorded $800 million in Bitcoin net outflows in the past week.
This development indicates a high demand from BTC investors who acquire and move BTC to private wallets in anticipation of future profits. Importantly, a decreasing supply of BTC on exchanges reduces the potential for any significant selling pressure that would negatively impact prices.
At press time, Bitcoin is exchanging hands at $104,805 reflecting a minor decline of 0.15% over the past day. At the same time, the daily trading volume drops by 53.81% and is valued at $25.5 billion. Despite these metrics, the Bitcoin community remains largely bullish Pollata from CoinMarketCap. With a market capitalization of $2.07 trillion, the maiden cryptocurrency maintains 57.7% dominance of the total digital asset market.
